MIRA
INFORM REPORT
|
Report Date : |
14.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
THAI UNION FEEDMILL COMPANY LIMITED |
|
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|
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Registered Office : |
89/1 Moo 2, |
|
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Country : |
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|
|
|
Financials (as on) : |
31.12.2010 |
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|
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Date of Incorporation : |
29.06.2000 |
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Com. Reg. No.: |
0905543001110 |
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|
Legal Form : |
Private Limited Company |
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|
|
|
Line of Business : |
Manufacturer, Distributor and Exporter of Aqua Feeds |
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No. of Employees : |
300 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
Payment Behaviour : |
No Complaints |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
THAI
UNION FEEDMILL COMPANY
LIMITED
SUMMARY
BUSINESS ADDRESS : 89/1
MOO 2, RAMA II ROAD,
T. KALONG, A. MUANG
SAMUTSAKORN 74000
TELEPHONE : [66] 34
417-222, 34 417-219
FAX :
[66] 34 845-392-3
E-MAIL
ADDRESS : mhc@tfm.co.th
rnd@tfm.co.th
REGISTRATION
ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2000
REGISTRATION
NO. : 0905543001110 [Former
: SOR. KOR. 2978]
CAPITAL REGISTERED : BHT. 500,000,000
CAPITAL PAID-UP : BHT.
500,000,000
SHAREHOLDER’S PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
RITTIRONG BOONMECHOTE, THAI
PRESIDENT
NO.
OF STAFF : 300
LINES
OF BUSINESS : AQUA
FEEDS
MANUFACTURER, DISTRIBUTOR AND EXPORTER
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The
subject was established
on June 29, 2000 as
a private limited
company under the
name style THAI UNION FEEDMILL
COMPANY LIMITED by Thai groups, in order to manufacture and distribute aqua feed to
local and export
markets. It currently
employs approximate 300
staff.
The subject was granted a privilege
promotional from the Thailand Board of Investment [BOI] for
the production processing.
The subject is a subsidiary company of Thai
Union Frozen Products Public Co., Ltd., the Thailand’s leading frozen foods
manufacturers. The subject also achieved the ISO 9001/2000 and
GMP Certificate of Quality Accreditation from URS [United
Registrar of System Thailand Limited].
The
subject’s registered address
is at 89/1 Moo 2, Rama II Road, T. Kalong, A. Muang, Samutsakorn 74000,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Kraisorn Chansiri
|
|
Thai |
77 |
|
Mr. Teerapong Chansiri |
|
Thai |
47 |
|
Mr. Chan Hon
Kit |
|
Chinese |
72 |
|
Mr. Cheng Niruttinanont |
|
Thai |
70 |
|
Mr. Nakorn Niruttinanont |
|
Thai |
39 |
|
Mr. Prasert Boonmechote |
|
Thai |
78 |
|
Mr. Rittirong Boonmechote |
|
Thai |
50 |
|
Mr. Chuan Tangchansiri |
|
Thai |
68 |
|
Mr. Thavil Nantateero |
|
Thai |
56 |
|
Ms. Orawan Sirivaransant |
|
Thai |
51 |
|
Ms. Mathana Meka-apirak |
|
Thai |
56 |
|
Mr. Bunluesak Sorajjakit |
|
Thai |
51 |
|
Mr. Chan Chu Chong |
|
Chinese |
38 |
AUTHORIZED PERSON
Two of the above directors can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Rittirong Boonmechote
is the President.
He is Thai
nationality with the
age of 50
years old.
Mr. Bunluesak Sorajjakit
is the Managing Director
He is Thai
nationality with the
age of 51 years old.
Mr. Pisith Suriyaprasert is the General Manager [Sales &
Marketing of Shrimp
Feed].
He is Thai
nationality.
Dr.
Nanthawat Kerdchuan is the General Manager [Sales & Marketing of Fish Feed].
He is Thai
nationality.
Dr. Suphit Thongrod is
the Research & Products Development
Director.
She is Thai
nationality.
Ms. Ura Pavasutthinon is the Accounting and
Finance Manager.
She is Thai
nationality.
Mr. Kitti Chaiwattanathorn is the Operation & Factory Manager [Mahachai Plant].
He is Thai nationality.
Ms. Jirayu Sakdanuchit is
the Deputy General Manager [Ranod, Songkhla
Plant].
She is Thai
nationality.
BUSINESS OPERATIONS
The subject is engaged in manufacturing and
distributing a variety of aqua feed for
shrimps under various brands,
“PROFEED”, “NANAMI”, “FCR”,
“EGOFEED”, “D-GROW”, “FCR JOIN”,
“AQUAFEED” and “SHOBU”; and for fishes under the brands “NANAMI
2001-2003”, “PROFEED 901-909”, “D-NA 3101”,
“ONIN 5103”, “ONIN 5104”, “D-LIGHT”,
“NEO PRO”, “TFM 6002”, and
“D-GROW”
PRODUCTION
Approximately 200,000 tons per annum
PURCHASE
Most of
raw materials; soybean meal,
fish meal, wheat
flour, etc., are purchased from
local suppliers and agents, the remaining is imported from Singapore, Malaysia, Republic
of China, India
and Japan.
SALES
[LOCAL]
80% of its
products is sold locally by wholesales
to dealers and end-users,
mainly shrimp and
fish farm.
EXPORT
20%
of the products
is exported to Vietnam, Malaysia, Indonesia, Myanmar, India, Laos and Philippines.
LITIGATION
Bankruptcy and Receivership
There are no litigation on
bankruptcy and receivership cases filed
against the subject
found at Legal
Execution Department for
the past five
years.
Others
There are no legal suits filed
against the subject
for the past
two years.
PARENT COMPANY
Thai Union Frozen Products Public
Co., Ltd.
Address: 72/1 Moo 7, Sethakij 1 Road, T. Thasai, A. Muang,
Samutsakorn 74000
SUBSIDIARY AND AFFILIATED COMPANY
Marine Bio Tech
Co., Ltd.
Business Type : Distributor of
shrimp supplement and
nutrition for shrimp
culture
CREDIT
Sales
are by cash or on
the credit terms
of 30-60 days.
Local
bills are paid
by cash or
on the credits
term of 30-60
days.
Imports
are by L/C at
sight or T/T.
Exports
are against L/C
at sight or T/T
BANKING
Bangkok Bank Public Co., Ltd.:
[Head Office: 333 Silom Road, Silom, Bangrak,
Bangkok 10500]
Kasikornbank
Public Co., Ltd.
[Head Office: 1 Kasikorn Lane,
Rajburana Road, Rajburana, Bangkok
10140]
Krung Thai
Bank Public Co., Ltd.
[Head Office: 35 Sukhumvit
Road, Klongtoey Nua,
Wattana, Bangkok 10110]
EMPLOYMENT
The
subject employs approximately
300 staff [office staff and factories workers].
LOCATION DETAILS
The premise is rented for administrative
office and plant I at the heading
address. Premise is located
in industrial area.
Plant II is located at 103/1 Moo 2, Songkla-Ranod Road, T. Paktree, A. Ranod,
Songkla 90140. Tel :
[66] 74 396-9337, Fax
: [66] 74 396-938-40
REMARK
MAXIMUM
CREDIT SHOULD BE
GRANTED AT US$
10,000,000.
COMMENT
Thai shrimp industry’s outlook is expected to get a glimpse of silver lining
after it had been under a cloud of uncertainty in recent months. Shrimp exports
had tremendous crisis from antidumping duty ruling against Thailand by the US
Department of Commerce in the past
several years. This has badly
affected to local shrimp raisers due to USA is the largest of Thai shrimp
exports market.
Apart from the dull market of Thai
shrimp, shrimp feed industry also had
direct effect from declining demand in domestic market. However, Thai shrimp
production was expected to increase by this year after the US and EU market
restore tariff privilege for Thai
fishery exports. The revise rate would benefit to Thai shrimp industry as well
as other
related industries including feed in the long term prospect.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 80,000,000 divided
into 8,000,000 shares
of Bht. 10
each.
The
capital was increased
later as follows:
Bht. 200,000,000
on June 1,
2001
Bht. 300,000,000
on October 4,
2006
Bht. 500,000,000
on September 14,
2010
The
latest registered capital was increased to Bht. 500,000,000
divided into 50,000,000 shares of
Bht 10 each
with fully paid.
THE
SHAREHOLDERS LISTED WERE
: [as at
March 12, 2012]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Thai Union Frozen Products Public Co., Ltd. Nationality: Thai Address : 72/1 Moo 7, Sethakij 1 Road, T. Thaisai, A.
Muang, Samutsakorn |
25,500,000 |
51.00 |
|
Mr. Rittirong Boonmechote Nationality: Thai Address : 100/3 Soi
Areesamphan, Phaholyothin Rd.,
Samsennai, Phyathai, Bangkok |
5,974,975 |
11.95 |
|
Mr. Prasert Boonmechote Nationality: Thai Address : 11/2 Moo 8, Banlaem, Petchburi |
2,500,000 |
5.00 |
|
Mr. Bunluesak Sorajjakit Nationality: Thai Address : 60/16 Sukhumvit 105 Road, Bangna, Bangkok 10260 |
2,500,000 |
5.00 |
|
Mr. Thavil Nanthateero Nationality: Thai Address : 2/61 Phaholyotin 40 Road, Ladyao,
Jatujak, Bangkok 10900 |
2,375,000 |
4.75 |
|
Ms. Orawan Sirivarasant Nationality: Thai Address : 50/1-4 Laengpraram
4 Road, Boryang, Muang, Songkla |
1,900,000 |
3.80 |
|
Mr. Wattana Boonmechote Nationality: Thai Address : 11/2 Moo 8, Banlaem, Petchburi |
1,750,000 |
3.50 |
|
Ms. Rungthiwa Boonmechote Nationality: Thai Address : 11/2 Moo 8, Banlaem, Petchburi |
1,750,000 |
3.50 |
|
Others |
5,750,025 |
11.50 |
Total Shareholders : 30
Share Structure [as
at March 12,
2012]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
29 |
49,999,995 |
100.00 |
|
Foreign-Chinese |
1 |
5 |
- |
|
Total |
30 |
50,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Sophon Permsirivallop No.
3182
Note.
The
2011 financial statement
has not yet
been submitted to
the Commercial Registration
Department during investigation.
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2010 &
2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalent |
71,195,107 |
83,483,652 |
|
Trade Accounts Receivable - Related company |
746,705 |
388,040 |
|
- Other company |
513,530,852 |
485,742,050 |
|
Total Trade
Accounts Receivable |
514,277,557 |
486,130,090 |
|
Less: Allowance for Doubtful
Account |
[101,677,465] |
[93,629,015] |
|
Trade Accounts Receivable,
net |
412,600,092 |
392,501,075 |
|
Short-term Loan from Related Company |
239,077,528 |
173,177,528 |
|
Inventories |
343,490,822 |
276,176,182 |
|
Other Current Assets |
47,688,905 |
20,635,849 |
|
|
|
|
|
Total Current Assets
|
1,114,052,484 |
945,974,286 |
|
|
|
|
|
Fixed Assets |
906,585,643 |
1,057,954,295 |
|
Intangible Assets |
13,032,634 |
14,297,760 |
|
Deferred Income Tax |
8,002,454 |
7,882,204 |
|
Other Assets |
574,490 |
456,660 |
|
Total Assets |
2,042,247,705 |
2,026,565,205 |
LIABILITIES & SHAREHOLDERS’
EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accounts Payable - Related company |
31,445,580 |
23,502,633 |
|
- Other company |
263,554,968 |
221,211,160 |
|
Total Trade Accounts Payable |
295,000,548 |
244,713,793 |
|
Current Portion of Hire-purchase Payable |
2,604,124 |
1,266,128 |
|
Current Portion of Long-term Loans |
79,000,000 |
79,000,000 |
|
Accrued Income Tax |
8,919,769 |
1,875,871 |
|
Accrued Expenses |
76,645,763 |
58,166,459 |
|
Account Payable Assets |
116,149 |
901,649 |
|
Other Current Liabilities |
20,825,262 |
7,658,724 |
|
|
|
|
|
Total Current Liabilities |
483,111,615 |
393,582,624 |
|
|
|
|
|
Hire-purchase Payable, net
of Current Portion |
5,093,109 |
2,984,725 |
|
Long-term Loans, net of
Current Portion |
24,500,000 |
103,500,000 |
|
Total Liabilities |
512,704,724 |
500,067,349 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
|
|
|
|
Share capital : Baht 10
par value authorized, issued
and fully paid share
capital 50,000,000 shares |
500,000,000 |
500,000,000 |
|
|
|
|
|
Capital Paid |
500,000,000 |
500,000,000 |
|
Retained Earnings Appropriated for
Statutory Reserve |
30,000,000 |
30,000,000 |
|
Unappropriated |
999,542,981 |
1,196,497,856 |
|
Total Shareholders' Equity |
1,529,542,981 |
1,526,497,856 |
|
Total Liabilities & Shareholders' Equity |
2,042,247,705 |
2,026,565,205 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2010 |
2009 |
|
|
|
|
|
Sales Income |
4,745,831,949 |
3,969,649,675 |
|
Other Income |
47,034,150 |
21,039,458 |
|
Total Revenues |
4,792,866,099 |
3,990,689,133 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
3,958,929,114 |
3,481,405,254 |
|
Selling Expenses |
176,629,940 |
146,575,449 |
|
Administrative Expenses |
108,771,540 |
54,632,719 |
|
Other Expenses |
86,144 |
5,972 |
|
Total Expenses |
4,244,416,738 |
3,682,619,394 |
|
|
|
|
|
Profit before Financial Cost & Income
Tax |
548,449,361 |
308,069,739 |
|
Financial Cost |
[8,708,015] |
[11,832,155] |
|
Profit / [Loss] before Income
Tax |
539,741,346 |
296,237,584 |
|
Income Tax |
[16,696,221] |
[4,613,325] |
|
|
|
|
|
Net Profit / [Loss] |
523,045,125 |
291,624,259 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
2.31 |
2.40 |
|
QUICK RATIO |
TIMES |
1.50 |
1.65 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
5.23 |
3.75 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.32 |
1.96 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
31.67 |
28.96 |
|
INVENTORY TURNOVER |
TIMES |
11.53 |
12.61 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
39.50 |
44.66 |
|
RECEIVABLES TURNOVER |
TIMES |
9.24 |
8.17 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
24.30 |
23.19 |
|
CASH CONVERSION CYCLE |
DAYS |
46.87 |
50.43 |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
83.42 |
87.70 |
|
SELLING & ADMINISTRATION |
% |
6.01 |
5.07 |
|
INTEREST |
% |
0.18 |
0.30 |
|
GROSS PROFIT MARGIN |
% |
17.57 |
12.83 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
11.56 |
7.76 |
|
NET PROFIT MARGIN |
% |
11.02 |
7.35 |
|
RETURN ON EQUITY |
% |
34.20 |
19.10 |
|
RETURN ON ASSET |
% |
25.61 |
14.39 |
|
EARNING PER SHARE |
BAHT |
10.46 |
5.83 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.25 |
0.25 |
|
DEBT TO EQUITY RATIO |
TIMES |
0.34 |
0.33 |
|
TIME INTEREST EARNED |
TIMES |
62.98 |
26.04 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
19.55 |
|
|
OPERATING PROFIT |
% |
78.03 |
|
|
NET PROFIT |
% |
79.36 |
|
|
FIXED ASSETS |
% |
(14.31) |
|
|
TOTAL ASSETS |
% |
0.77 |
|
PROFITABILITY
RATIO
|
Gross Profit Margin |
17.57 |
Impressive |
Industrial
Average |
13.53 |
|
Net Profit Margin |
11.02 |
Impressive |
Industrial
Average |
1.92 |
|
Return on Assets |
25.61 |
Impressive |
Industrial
Average |
2.92 |
|
Return on Equity |
34.20 |
Impressive |
Industrial
Average |
9.43 |
Gross Profit Margin used to assess a firm's financial health by
revealing the proportion of money left over from revenues after accounting for
the cost of goods sold. Gross profit margin serves as the source for paying
additional expenses and future savings. The company’s figure is 17.57%. When compared with the industry
average, the ratio of the company was higher, this indicated that company was
more profitable than the same industry.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company’s figure is 11.02%, higher figure when compared with those of its average
competitors in the same industry, indicated that business was an efficient
operator in a dominant position within
its industry.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. Return on Assets ratio is
25.61%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profits in a
dominant position within its industry.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. Return on Equity ratio
is 34.2%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a dominant position within its industry.
Trend of the
average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY RATIO
|
Current Ratio |
2.31 |
Deteriorated |
Industrial
Average |
24.66 |
|
Quick Ratio |
1.50 |
|
|
|
|
Cash Conversion Cycle |
46.87 |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets
are readily available to pay off its short-term liabilities. The company's figure
is 2.31 times in 2010, decreased from 2.4 times, then it is generally
considered to have good short-term financial strength. When compared with the
industry average, the ratio of the company was lower.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 1.5 times in 2010,
decreased from 1.65 times, although excluding inventory so the company still have
good short-term financial strength.
The Cash Conversion Cycle measures the number of days a company's cash
is tied up in the production and sales process of its operations and the benefit
from payment terms from its creditors. It meant the company could survive when
no cash inflow was received from sale for 47 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.25 |
Impressive |
Industrial
Average |
0.51 |
|
Debt to Equity Ratio |
0.34 |
Impressive |
Industrial
Average |
1.30 |
|
Times Interest Earned |
62.98 |
Impressive |
Industrial
Average |
14.73 |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the
shareholders have committed. A lower the percentage means that the company is
using less leverage and has a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 62.99 higher than 1, so the company can pay interest
expenses on outstanding debt.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.25 less than 0.5, most of the company's
assets are financed through equity.
Trend of the
average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
5.23 |
Deteriorated |
Industrial
Average |
26.15 |
|
Total Assets Turnover |
2.32 |
Acceptable |
Industrial
Average |
3.68 |
|
Inventory Conversion Period |
31.67 |
|
|
|
|
Inventory Turnover |
11.53 |
Deteriorated |
Industrial
Average |
31.72 |
|
Receivables Conversion Period |
39.50 |
|
|
|
|
Receivables Turnover |
9.24 |
Deteriorated |
Industrial
Average |
21.08 |
|
Payables Conversion Period |
24.30 |
|
|
|
Trend of the average
competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.42 |
|
|
1 |
Rs.81.93 |
|
Euro |
1 |
Rs.67.67 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.